Singapore Central Bank wants a coordinated approach to Libra
Date: 20 – September – 2019
Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) said that Facebook’s digital currency “Libra” raised macro-financial risks of global nature and that no regulator can act on its own on this matter, one of the reasons is the pervasiveness and size of Facebook itself, also is whether the company will maintain Libra stability as an independent, publicly accountable entity, “We need to understand better how they will do that and how it interacts with their other objectives as a commercial entity,” the managing director of the Monetary Authority of Singapore said.
Ravi Menon said that they still don’t have enough information to decide to ban or not Libra, but also was keen to ensure that Singapore don’t miss out on any of the potential benefits that Libra could bring.
The warning from Singapore comes after, Bruno Le Maire, France’s Finance Minister, said that “Libra could not operate in Europe under current conditions…” and also Donald Trump criticisms against Facebook’s cryptocurrency on Twitter.
This Monday officials 26 Central Banks including the Bank of England and the Federal Reserve meet with representatives of Libra in Basel, this was the first major encounter between policymakers and Libra.